Word: medians
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...particularly gloomy report, the National Association of Realtors found last fall that the average potential first-time buyer had only 77% of the income needed to qualify for the mortgage on a starter home. Current homeowners, by contrast, had 112% of the income required for a mortgage on a median-priced home. Said Ira Gribin, president of the Realtors association: "The first-time home buyer is virtually priced out of the market in many parts...
...last year, many legislators now want the Government to aid first-time buyers actively. One bill, sponsored by Henry Gonzalez, chairman of the House Banking Committee, would create a $6 billion fund to make low-interest mortgage loans to first- timers who earn up to 115% of the median income in their communities...
...story definitely struck a chord," says Nancy Chase, who, along with fellow reporter-researcher Megan Rutherford, helps select and edit the 20 or so missives that appear every week. Among our recent correspondents: George Bush, who disputed our statement that the median U.S. family income had remained relatively constant since 1977, and Peter Ueberroth, TIME's 1984 Man of the Year, who praised the endangered-earth story...
...lucrative speaking fees doled out by companies and lobbies interested in making friends on Capitol Hill. House members are allowed to pocket up to $26,850 in honorariums annually; Senators can keep $35,800. Last year Representatives took in an average of $12,000 in honorariums; for Senators, the median was $23,000. Skeptics warn that once the pay raise goes into effect, the pressure on Congress to do away with honorariums will inevitably tail...
...Median forecasts of ten U.S. economists surveyed by TIME